Walmart, the world’s biggest retailer by revenue, is now selling bitcoin at hundreds of its stores across the country.
Customers may buy cryptocurrencies through Coinstar ATMs located throughout the retailer’s massive large box shops. On Oct. 12, a CoinDesk editor tested the service by purchasing a modest quantity of Bitcoin at a Pennsylvania Walmart.
Walmart supports Bitcoin ATMs
According to Walmart communications director Molly Blakeman, Coinstar, in collaboration with Coinme, has launched a test that enables consumers to buy bitcoin with cash. He went on to say that the pilot includes 200 Coinstar terminals positioned within Walmart shops throughout the United States.
Coinstar is most recognized for letting customers exchange coins for cash, gift cards, or paper notes. Coinme, a cryptocurrency wallet and payment company specializing in bitcoin ATMs, has made it possible to purchase bitcoin (BTMs).
A paper voucher is given once bills are inserted into the machine. Before the coupon can be used, you must first create a Coinme account and pass a know-your-customer (KYC) check. According to the Coinstar website, which CoinDesk confirmed, the machine costs a 4% fee for bitcoin and a 7% fee for cash conversion.
Following a scam last month in which a bogus press release stated that litecoin (LTC) would be accepted as payment in Walmart shops, CoinDesk tested the service out of an excess of caution. The bitcoin-Bentonville link is genuine this time. According to a person familiar with the pilot, the Litecoin fiasco has deterred Walmart, located in Bentonville, Ark., from publishing a press announcement.
Bitcoin ATMs on the rise
The cryptocurrency ATM market is rapidly growing, spurred in part by the COVID epidemic. In response to a surge in use, Coinstar announced intentions to treble its fleet of 3,500 Coinme BTMs by 2020.
However, Walmart, which has long been seen as the crown jewel in the mainstreaming of crypto financial services, has taken another step forward, even if the 200-kiosk experiment is pocket change for a corporation with 4,700 shops and a market capitalization of $409 billion.
Given Walmart’s common links with Coinme and MoneyGram, the possibility for crypto-enabled financial services for lower-income consumers is alluringly near. However, the store did not explain more about its crypto aspirations.
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